Production of Report and Accounts

Funds must produce and publish annual and interim sets of accounts. The fund accountant prepares a profit and loss account and balance sheet of all their funds at year end and interim accounts on a six monthly basis.

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In the UK, the report and accounts must be prepared in accordance with the SORP Statement of Recommended Practice. The new SORP was published by the IMA in early January 2006. The main changes from the previous SORP are:
 

Recognition that the COLL sourcebook applies

Guidance on accounting and reporting of derivatives

Additional governance disclosures

The UKs convergence process with International Financial Reporting Standards (IFRS)

Bond yields to reflect amortisation to maturity

A simplified note 2 relating to gains and losses

The new SORP can be found by clicking here

See www.funds-axis.com for more on the SORP, Report and accounts and other fund literature including the Simplified Prospectus